Globespan Capital Partners Closes Fifth Fund
10 September, 2007 -
Latest Fund Announcement Caps Pinnacle Year with Five Successful IPOs
BOSTON. Mass and PALO ALTO, Calif.--(BUSINESS WIRE)--Globespan Capital Partners today announced the close of its fifth fund, Globespan Capital Partners V, L.P., with commitments of $380 million. With the closing of Globespan Capital Partners V, Globespan has $1.1 billion under management including the JAFCO America Technology Series III Funds and the Globespan Capital Partners Series IV Funds. The new fund’s limited partners include state and corporate pension funds, university endowments, fund of funds, international pension funds from Europe and Asia, as well as leading companies from Japan.
“Our team has been together for over ten years, and our experience combined with the results of the existing portfolio, made the time right to launch Fund V,” said Barry Schiffman, Globespan Co-Founder and Executive Managing Director. “We’ve seen a number of changes in the venture capital industry during the past few years, most notably a return to more traditional gestation periods for our investments,” Schiffman added. Globespan’s five 2007 IPOs from its prior funds include BladeLogic (BLOG), Clearwire (CLWR), Glu Mobile (GLUU), Shoretel (SHTL), and Virtusa (VRTU). The firm’s fundraising efforts garnered continued strong support from existing investors and attracted several prominent new limited partners.
“With Globespan Capital Partners V, we continue to execute on our proven investment strategy of investing in experienced management teams and innovative technologies focused on large market opportunities. Fund V’s investment mandate has expanded from previous funds to include direct investing in Japanese-based technology companies. We strongly believe in the emergence of the Japanese entrepreneur and the global opportunity of venture capital,” added Andy Goldfarb, Co-Founder and Executive Managing Director of Globespan. The Globespan team has a history of significant business development efforts in Japan on behalf of its portfolio companies and will be able to leverage deep and long-standing relationships with many of the largest technology companies in Japan, who are also active investors in private technology companies in Japan.
“As a long-term investment partner with Globespan, I remain impressed with the team, its track record and their network of relationships in the industry and with entrepreneurs. Our relationship has grown stronger each year,” said William Walsh, Managing Director, Portfolio Advisors, LLC.
“Globespan’s team is proactive and always ready with constructive and creative advice when called upon,” said Dev Ittycheria, CEO of Bladelogic (NASDAQ: BLOG), a Globespan Capital Partners portfolio company since 2002. “Their strength in providing support with our expansion into Asia has been invaluable to our business.”
Globespan excels at partnering with portfolio companies to bring about the best possible outcome. “Globespan Capital Partners has been a true partner whose strategic guidance we relied upon as we charted our way to and through our recent successful public offering,” said Kris Canekeratne, Chairman & CEO, Virtusa Corporation (NASDAQ: VRTU), a Globespan Capital Partners portfolio company since 2000.
About Globespan Capital Partners
With offices in Boston, Palo Alto and Tokyo, Globespan is a leading venture capital firm committed to building a balanced portfolio in the information technology sector. The firm primarily targets US and Japan-based companies in the software, Internet/Infrastructure, communications and systems and peripherals sectors with a typical investment ranging from $250,000 to $15 million. The Globespan team has combined experience of more than 100 years in private equity investing, entrepreneurship and operations and has been involved in 16 startups as individuals.
Since 1996, the Globespan team has invested in more than 125 companies. Portfolio companies that have gone public include: Airgate PCS, Avanex, Bladelogic, Brocade, Clearwire, Glu Mobile, Net Perceptions, Shoretel, Silknet Software, Virtusa, and Vixel. Acquired portfolio companies include: Aptis, Argon, CDS, Cerulean, Digital Island, eDocs, Encommerce, m-Qube, Monterey, Obsidian, Ocular Networks, Pirus and Trigo. For more information, please visit www.globespancapital.com.
Globespan Capital Partners
Barry Schiffman, 650-328-2828
Co-Founder/Executive Managing Director
Andrew P. Goldfarb, 617-305-2310
Co-Founder/Executive Managing Director
Davina Magargal, 617-305-2305